When a buyer finances the purchase of your used vehicle, you may want the buyer to secure the sale using collateral.
Document the terms and conditions with respect to collateral when a buyer is financing the car payment.
The Socrates Vehicle Security Agreement for the state of New Jersey secures all payments due and protects the seller if a buyer defaults on the payment obligations.
ITEMS COVERED IN THIS FORM INCLUDE:
- names of parties involved
- description of vehicle
- description of collateral offered
- grant of security interest
- perfection of security interest
- seller's representations, warranties and covenants
- default on payment
- release of security interest
- signatures of both parties
Contents reviewed and approved by attorneys or industry experts.
